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Annotated Bibliography
Asya S. Patterson Professor Joy McDonald English 101-13 November 13, 2015 Annotated Bibliography on U.S. Tax Increases Cohen, Patricia. "What Could Raising Taxes on the 1% Do? Surprising Amounts." The '' : ''New York Times. The New York Times, 16 Oct. 2015. Web. 12 Nov. 2015. : Most Americans believe the wealthy pay to little and the middle class pays too much. Democrats are prepared to raise taxes at the top while Republican tax proposals cut taxes for the wealthiest Americans. Most economists would agree that the government could successfully raise taxes however Republican candidates would argue that it would ruin the economy. They also believe that lowering taxes will spur growth and revenue in the long run, but again most project that Republican plans would put us in even more debt. Erb, Kelly Phillips. "IRS Announces 2016 Tax Rates, Standard Deductions, Exemption : Amounts And More." Forbes. Forbes Magazine, 21 Oct. 2015. Web. 12 Nov. 2015. : The IRS has announced the annual inflation adjustments for the year 2016. These numbers are effective January 1, 2016 and should be used to prepare 2016 tax returns in 2017. According to these tax brackets, in the year 2016 individual taxpayers, married individuals filing joint returns and surviving spouses, and married individuals filing separate returns will be paying tax rates that are directly proportional to their taxable income. This is relevant to my topic because this article offers reliable tax rates for upcoming years. Lundeen, Andrew, and Kyle Pomerleau. "The Tax Changes in President Obama's Fiscal : Year 2015 Budget." Tax Foundation. Tax Foundation, 5 Mar. 2014. Web. 12 Nov. 2015. : President Obama released his fiscal year 2015 budget which is predicted to increase revenue by $1.759 trillion over ten years. The budget introduces and expands a number of programs including the child tax credit and the EITC, two of the largest family tax benefits. Tax increases on high-income earners will pay for these advances. Overall President Obama’s budget would raise taxes on businesses. The budget makes several tax provisions for green energy and eliminates provisions pertaining to the treatment of oil, coal, and natural gas. "Obama to Seek Tax Increases on Wealthy." YouTube. YouTube, : 18 Jan. 2015. Web. 12 Nov. 2015. : Obama is willing to fight the Republican controlled Congress to raise taxes on the country’s top earners and offer more tax breaks to the middle class. In an upcoming State of the Union address, he is going to propose a new tax credit for employed married couples to help the cost of childcare. He also wants to increase the top childcare credit by raising the tax rate on the highest earning Americans. Obama’s State of the Union proposals are receiving a lot of resistance from Republicans in Congress. There is a popular demand for change in both parties however ultimately Republicans are not going to be willing to pass these proposals. The video is relevant to my topic because it directly addresses potential tax increases. Piketty, Thomas, and Emmanuel Saez. “How Progressive Is the U.S. Federal Tax : System? A Historical and International Perspective”. The Journal of Economic Perspectives 21.1 (2007): 3–24. Web... : The U.S. federal tax system has undergone three major changes that have contributed to its decreased progressivity. There has been a severe decrease in top marginal individual income tax rates, corporate income taxes have fallen by half, and payroll tax rates for social security retirement benefits and Medicare have substantially increased. A progressive tax system includes a proportional tax in which everyone pays the same rate, a progressive tax that increases with income, and a regressive tax that decreases with income.